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PEER COMPANIES

NEW DELHI: The 50-share Nifty index managed to shrug off the lackluster price action and advanced towards the all crucial 5400 level. With this move, a new high for the trading range is now created.

Here is a list of brokerage views on stocks which are likely to be in action in morning trade today.

Shree Renuka Sugars Ltd:Morgan Stanley has an underweight on Shree Renuka with a target of Rs 27. They believe that the slow pace of de-leveraging and the global surplus scenario could hurt earnings from international operations and weigh on stock performance.

Reliance Infrastructure: Bank of America Merrill Lynch has a buy on Reliance Infrastructure with a target of Rs 1045. The quality of earnings was an issue with treasury income compensating for 8 per cent fall in p-b-t (profits before taxes). The brokerage firm is of the view that the execution at Reliance Power and the group, may limit the upside over the near-term.

Reliance Power Ltd: Nomura has a 'reduce' rating on Reliance Power with a target of Rs 94. The brokerage firm is of the view that the top line surprised and the normalized EBITDA was 3 per cent below forecast despite the sharply lower operating expenses. .

Jain Irrigations Ltd:JPMorgan has an underweight on Jain Irrigation and they have slashed the target to Rs 65 from Rs 105. The revenue flow from their micro irrigation business has started to shrink and the balance sheet matrix has not shown any improvement. as a result the debt on the books remains high.

Unitech Ltd: CLSA maintains 'underperform' rating on Unitech after the real estate major reported its seventh straight quarter of YoY revenue decline even after company's efforts in execution ramp-up have yet to show up in P&L.

Sales declined 10 per cent QoQ as company curbed launches in Gurgaon, pending execution catch-up. Liquidity has continued to improve with Rs 450 crores new debt disbursals since March 2012. With a sustained execution pick-up yet to emerge and chances of telecom related write-offs remaining, we maintain 'underperform'.

Hindalco Industries Ltd: CLSA downgrades Hindalco to 'sell' from 'underperform' with a target price of Rs 105. Hindalco has maintained the timelines for commissioning of its Greenfield projects but we see risk of delays.

The stock is trading at a rich 7x FY14 consol EV/EBITDA. We downgrade from U-PF to SELL with a target price of Rs105.

The Mahan coal block has received a go-ahead from the GoM, but is still awaiting forest Stage-2 approval. We believe that even if all approvals come through, the benefits of the captive coal will start flowing through only by FY16 with the full benefit coming only in FY18.

Disclaimer: This recommendation is analyst's own and does not represent those of economictimes.com & ETMarkets.com. Please consult your financial advisor before taking any position in the stock/s mentioned.